The earlier concept of a market being a place for exchange of goods and service is a theory of the past. Internet marketing is a deviation from the general marketing principle. Neither the seller nor the buyer would have seen each other. Yet they transact and trading goes on.
What is Internet marketing?
Internet marketing, also called e-marketing, online marketing, or web marketing uses an Internet connection to sell and buy products. Almost all types of products and services are traded in this marketing. This is an interactive process of marketing where the responses of both the parties are quick and almost immediate. Even the transfer of money is made on the Internet through debit or credit card. Trading on the Internet has legal sanctity also. Online banking is yet another incentive to Internet business.
How does the trading take place?
The important aspect of Internet marketing is the search engine Optimization (SEO) or search engine marketing (SEM). With this key, the information about the product or service reaches the visitor. Once the visitor picks up a particular website, he can view the details of the product or service which is provided in as lucid a manner as possible. Then he can interact with the seller through the Internet. Clarifications can be sought and supplied. Then he would select the product and places an order for the item online. Payment is made online through debit or credit card. With this, the transaction is complete. One of the main features of this SEO is that it keeps a record of the visitors to the website. It also tracks him and identifies the region from where he is contacting. This is done by a process of what is known as geo location. Further, through the IP number, the enquiry can be traced to the computer from where the enquiry is made.
What are the advantages of web marketing?
The most important advantage of online marketing is that it can reach the prospective buyers and sellers with minimum expenditure. There is no need for any expensive advertisements, news paper publications or the like. The buyer and the seller can trade at any time that is convenient to them. In other words, there are no fixed business hours in Internet marketing. Every aspect of marketing can be traced and recorded in this method. Every click is recorded, and every visitor is recorded. That will help to analyze the market. By evaluating the data the cost value profit (CVP) analysis is made and that will indicate the effectiveness of Internet marketing.
Limitations of Internet marketing:
The effectiveness of Internet marketing depends on a reliable Internet connection. If that is not available, then web marketing will not be effective. At the same time, there are some products which have to be touched, felt or tasted before deciding on the suitability of the product. This facility is not available in Internet marketing. Security or confidentiality of data furnished or exchanged is another problem faced by both the parties in Internet marking.